Definition
The residential classThe residential class of property includes all property where the predominant use is for living purposes. This would include single-family, two-family, three-family dwellings and condominium units. It also includes vacant land where the most likely use would be residential development. Apartment buildings of four or more units, hotels, motels, and resorts are classified as commercial property. The residential class represents... of property includes all property where the predominant use is for living purposes. This would include single-family, two-family, three-family dwellings and condominium units.
It also includes vacant land where the most likely use would be residential development. Apartment buildings of four or more units, hotels, motels, and resorts are classified as commercial property. The residential classThe residential class of property includes all property where the predominant use is for living purposes. This would include single-family, two-family, three-family dwellings and condominium units. It also includes vacant land where the most likely use would be residential development. Apartment buildings of four or more units, hotels, motels, and resorts are classified as commercial property. The residential class represents... represents roughly 64% of the total assessed valueAn estimate of value assigned to taxable property by the assessor for purposes of property taxation. State law requires all assessments periodically be within 10% of market value. Assessed values most closely reflect market value following a revaluation. In non-revaluation years, assessments typically reflect a fraction of market value due to the changing real estate market. of the city.